On January 1, Zabel Corporation purchased a 25% equity in Helbert Corporation for $167,000. At December 31, Helbert declared and paid a $46,400 cash dividend and reported net income of $231,000.
Journalize the transactions. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No entry" for the
account titles and enter 0 for the amounts. Record journal entries
in the order presented in the problem.)
ANSWER
Date | Description | Debit($) | Credit($) |
Investment in Helbert corporation .. | $167,000 | ||
Cash | $167,000 | ||
cash account(46,400 *25%) | 11,600 | ||
Investment in Helbert corporation .. | 11,600 | ||
Investment in Helbert co..(231,000 *25% | 57,750 | ||
Revenue investment in Helbert corporation .. | 57,750 | ||
Amount to be reported as an investment in helbert co.. stock in 31 december
Particulars | ($) |
On 1jan purchase investment in helbert corporation .. | 167,000 |
Add:share of income | 57,750 |
224,750 | |
Less:Devidend received | 11,600 |
Investment in helbert corporation stock in 31, December | 213,150 |
Investment in Helbert corporation stock in at 31 ,December | $213,150 |
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On January 1, Zabel Corporation purchased a 25% equity in Helbert Corporation for $167,000. At December...
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